Taking Advantage of a Snow Day to Get Your Documents in Order

Taking Advantage of a Snow Day to Get Your Documents in Order

During the week between Christmas and New Years many Americans are finding themselves home from work. Whether it was scheduled time off or a snow day, it seems like a perfect time to get your documents in order.

Fire and Theft

Sometimes the unexpected happens like a fire or a break in. To prevent loss and minimize risk, store your documents in a fire proof safe or safety deposit box. Things you should store include:

Social Security Card

Passport, Visa or Green Card

Birth, Marriage and Death Certificates

Divorce Decree

Wills and Trusts

Deeds, Titles and Mortgage Information

Insurance Policy Information

Paperwork for Annuities, Structured Settlements and Other Assets

Bank and Retirement Account Information

Photocopies of Drivers and Professional Licenses

Tax Information

Tax Preparation

Do you have all your receipts stored in a neat and orderly fashion? Or are your receipts stuffed in various drawers, wallets or purses throughout your home? Take the time to organize them into separate folders or envelopes by category. Don't forget to label them. This will make preparing your taxes easier while ensuring you don't miss a deduction.

Review your Documents

While you're organizing your documents you should take the time to review them. Make sure that your beneficiaries are up to date. Review your insurance to determine whether or not you are adequately insured. Verify what you have left on your annuity or structured settlement, if you sold a part of your annuity or structured settlement payments in the past, do you have a copy of the court order, call your annuity company for an updated letter of benefits so you know what you have remaining. Revise your documents as necessary and share this information with your partner, executor or power of attorney.

Have Your Documents on Your Computer?

Keep a back up of your electronic files in a fireproof media safe with a minimum rating of UL 125. Another option is to store the files online at a backup service like Carbonite. Make sure you keep your back ups up-to-date and don't forget to test your files to ensure they are not corrupt. This should be done periodically to ensure you can restore your files should the need arise.

Getting your documents in order may not be fun or glamorous but it is a worthwhile task. By spending a few hours out of your day to review and protect your important documents you are not only protecting your financial future, you are gaining piece of mind.

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